纯碱：企业库存高位，震荡偏弱

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The domestic soda ash market is stable with weakening transactions and negotiable real - order prices. The supply is decreasing due to individual enterprise maintenance and abnormal operation. Although the profits of soda ash enterprises have been repaired, the inventory is expected to remain high in the near future, and the price is expected to fluctuate weakly. Key factors to watch include soda ash start - up changes, new capacity launch progress, and inventory changes [1] Summary by Directory 1. Market Review and Outlook - The weekly production of domestic soda ash is 77.54 million tons, a decrease of 4.27 million tons or 5.22% compared to the previous week. The comprehensive capacity utilization rate is 81.87%, a decrease of 4.51 percentage points from last week. The inventory of soda ash manufacturers is 185.19 million tons, a decrease of 0.19 million tons or 0.10%. The pending orders of soda ash decreased to about 10 days, a decrease of more than 3 days [1] - The profits of soda ash enterprises have been repaired. The domestic soda ash start - up is expected to rise at a high level this week, and the downstream demand is expected to be relatively stable in the near future. The production of downstream float glass is expected to decline slightly this week, the start - up of photovoltaic glass has decreased, and the inventory of the photovoltaic glass industry has reached a new high, with prominent supply - demand contradictions. The inventory of soda ash enterprises is expected to remain high, and new capacity launch will put pressure on the market. The fuel price at the cost end is strong. The price of soda ash is expected to fluctuate weakly in the near future [1] 2. This Week's Fundamental Data Weekly Changes | Indicator | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Basis (East China) (yuan/ton) | 21 | 48 | - 27 | - 56.3% | | Enterprise Inventory (million tons) | 185.19 | 185.38 | - 0.19 | - 0.1% | | Weekly Production (million tons) | 77.54 | 81.81 | - 4.27 | - 5.2% | | Dual - ton Profit of Dual - alkali Method (yuan/ton) | 215 | 227.5 | - 12.5 | - 5.5% | | Profit of Ammonia - alkali Method (yuan/ton) | - 26.2 | - 25.3 | - 0.9 | - 3.6% | | Start - up Rate of Downstream Float Glass (%) | 70.12 | 70.55 | - 0.43 | - 0.6% | | Start - up Rate of Downstream Photovoltaic Glass (%) | 64.82 | 66.34 | - 1.52 | - 2.3% | [2] 5. Position Analysis - The total trading volume of soda ash SA on March 27, 2026, was 1,076,733 lots, a decrease of 275,401 lots. The total long - position volume was 784,378 lots, a decrease of 8,972 lots, and the total short - position volume was 928,714 lots, a decrease of 19,770 lots [12]